Please note that the Adobe PDF Converter was formerly known as Adobe Normalizer.
You may have specified the Referenced Form XObject option in your Normalizer PDF Converter or Demonorm settings. This is the +v parameter in Demonorm:
If this setting is turned on it means that Normalizer PDF Converter creates references to Form XObjects rather than embedding those XObjects in the host PDF output file. The referenced form XObjects will be stored in external PDF files instead, and called from there. But that means that when you open the output PDF document, Adobe Reader or Adobe Acrobat must be able to find the directories where these external PDF files are stored. If the product can’t find these external files, it will display the missing forms content as gray boxes in the PDF file instead.
In the Show reference XObject targets field, select "Always:"
In the Location of Referenced files enter the path location of the referenced form XObject files.
Click to find and select the file and path names, and click OK.
Then, select Security (enhanced):
Look for the Privileged Locations section:
Click and add the path name for the referenced form XObject files, and click OK.